The Wheat price trades little changed around $782 in the New York trading session. The market found some buying interest around the Year’s lower value extreme which led the price to a balanced behavior where traders might lean on the extremes with a current slight bearish imbalanced state to the downside. The short-term perspective found buyers at yesterday’s VWAP close level which is confluent with the week’s lower value extreme and might target the swing highs for absorption purposes. Sellers may emerge around the prior and upper distribution with the confluent day’s DVAH level. 

The decline in Wheat prices began around March to May after the market soared as of Ukraine’s invasion. Interest rate hikes to fight inflation let the dollar and the yield surge while prices for the grains seemingly got pressured. Ukraine will be able to sell over 20 million tonnes of Wheat after Russian and Ukraine delegations allowed trade corridors to transport the grain. The USDA forecasts lower demand which might be a pressure factor as the U.S seems to see exports and supply rise. India looks into the import market after heat waves and soaring domestic prices.  

The price lurking for buyers around the lower extreme of the Year’s developing value area.

The macro perspective decreased the third month in the row into the decade’s developing value area and might find buyers while sellers could target the EMA50 which is confluent with the moving VWAP. Expanding this view to an even higher interval the market found sellers in an overbought to cycle peaking area around the upper-value extreme while buyers emerged around the lower value extreme of the Year’s to Decade’s perspectives for a potential pullback to may find additional ultra-macro core sellers. 

The market trades around the Year’s lower value extreme which might be supportive to initiate core buyers as calculated forecasts pointing to a rise in prices, according to research reports. Money managers were net selling around 300 contracts of Wheat as of the prior week’s COT report. Net long positions decreased while the short positions increased since May while the net position approached the lower standard deviation area which might initiate the mentioned buying interest into core long positions.

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